Prices of land plots around the ever-popular Sukhumvit Road hit another record high as property development in the area heats up, reports the Bangkok Post.
In the first half of 2014, the land from lower Sukhumvit Road (Soi 6) to Ekamai rose to 1.8 million baht per square wah, up from 1.6 million baht last year. That is four times the amount the land was appraised at by the Treasury Department, which was 445,000 baht according to the Bangkok Post.
The Bangkok Post reports that Kitisak Jampathippong, chief executive of property consultant Century 21 Thailand said, in anticipation of the new Blue Line underground train system being built, land prices in outer Bangkok locations is set to rise as well because of the “prospective economic area.”
The high numbers of expats and corporate offices in the Sukhumvit area have contributed to making the location a hotspot for demand of prime land plots, according to law firm Chaninat and Leeds.
Though Thailand law prohibits foreigners from directly owning freehold land, there are still several options to legally acquire land rights in Bangkok without having outright ownership. Also, there are certain exceptions to the ban on foreign ownership pursuant to Thailand Investment Law and Thailand Inheritance Law.
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